Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Insights - The company plans to acquire 100% equity of Gao Ye Jia, which will enhance its domestic brand and product category layout [2][3] - The acquisition is expected to accelerate the company's layout in the domestic pet consumption market, covering both dog and cat user groups, and solidifying its leading position in the pet hygiene sector while entering the pet food market for the first time [3][5] - The target company, Gao Ye Jia, has established a strong market presence with its products, including "Xu Cui Hua" pet hygiene products and "Gao Ye Jia" pet food, which have gained significant sales traction [4][5] Financial Performance Summary - In Q3 2025, the company reported revenue of 400 million, a decrease of 17% year-on-year, and a net profit attributable to the parent company of 50 million, a decrease of 2% year-on-year [1] - For the first three quarters of 2025, the company achieved revenue of 1.3 billion, a slight decrease of 0.7% year-on-year, while the net profit attributable to the parent company increased by 4% to 160 million [1] Business Strategy and Market Position - The acquisition will allow the company to leverage Gao Ye Jia's mature e-commerce operations and professional talent to enhance its online operational capabilities and expand its customer base [3][11] - The company aims to deepen its domestic market layout and develop its own brand to capitalize on the rapid growth of the pet economy [5][6] - The financial forecasts indicate a steady growth trajectory, with expected net profits of 230 million, 271.5 million, and 321.62 million for the years 2025, 2026, and 2027 respectively [12][14]
依依股份（001206）：拟收购高爷家，强化国内品牌及品类布局